How are new technologies affecting real estate?
Real estate is still a personal industry because buying and selling someone’s home is very much a personal process. But that doesn’t make it immune to technology. Innovative products and services are revolutionizing the real estate market by giving buyers and sellers access to more information than they’ve had before and automating tasks so agents can focus their energy on better meeting the needs of their clients.
In many ways, technology is helping real estate professionals and clients connect in more convenient ways. Here are some of the technologies currently altering the landscape of the real estate industry.
Online listings and mobile apps
Mobile apps and real estate websites make it easier than ever for buyers to see properties for sale — often as soon as they hit the market. They offer the ability to set custom search parameters like the number of bedrooms, total living space, and zip code to help buyers locate houses with the features they want. This gives buyers a chance to do a deep dive into each potential property as they explore the tax and listing history, school ratings, and more.
If you’re interested in real estate investing, you can set alerts to receive a notification when properties that meet your requirements are available for sale. Then you can view photos of the properties and potentially go on virtual tours instead of spending an afternoon driving around town.
Virtual showings and tours
Virtual showings have been available for several years, but they really became popular during the pandemic when buyers couldn’t physically visit properties for sale. In fact, well over half of the people who bought homes in the last year purchased them before they even stepped inside the house. This is nearly double the number of people who did so the previous year.
Another interesting trend is the increase in virtual showings. Buyers ask their agent to tour a house acting as the buyers’ eyes. The agent records the tour and sends a video to the buyers. These options let people “walk through” homes on their own time without interference from the seller. It also benefits sellers who now don’t have to worry about strangers walking through their homes or rearranging their schedules to be able to attend a showing.
Smart homes
Our homes are becoming more intelligent each year. Buyers increasingly want smart features, such as thermostats, locks, lights, and irrigation systems that they can access and operate through their smartphones or voice commands. More homeowners have access to faster internet, which makes it possible to connect the systems in their homes.
Smart homes are convenient and comfortable to live in. For that reason, demand is on the rise, and buyers are willing to pay for these services. Exactly how much they’re willing to pay is debatable, but some sources claim sellers can get as much as 35% more for their home if they already have integrated systems within their houses.
Real estate NFTs
Nonfungible tokens (NFTs) have entered the real estate space. Originally developed as a way to purchase digital art, NFTs are now being introduced in real estate. The practice is making headlines as it attracts more investors who are interested in fractional ownership instead of purchasing investment properties outright on their own.
Here’s how it works: Buyers use tokens to purchase a share in a piece of property. In exchange, they own a percentage of the property. If that property is used as an investment in the long- or short-term rental market, the NFT owner can receive a percentage of the profit generated. This allows more people to invest in real estate without becoming the sole property owner.
OpenAiRE reduces the stress of second home ownership
The team at OpenAiRE embraces technology as part of our commitment to helping clients enjoy the benefits of effortless ownership. We delicately blend the best available technology with world-class boutique services to help you buy and sell homes and investment properties. Whether you’re buying, selling, or relocating, our agents protect your time as they guide you through the process.